MAS and PBC to cooperate on green and transition finance initiatives

The initiatives cover taxonomies, green finance flows, and decarbonisation.

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) will cooperate on green and transition finance initiatives between China and Singapore.

The initiatives cover the alignment of taxonomies, facilitation of green finance flows, and the development of a decarbonisation rating platform.

MAS and PBC aim to finish mapping the Singapore Asia Taxonomy (SAT) to the International Platform on Sustainable Finance (IPSF)’s Common Ground Taxonomy (CGT) by year-end, facilitating cross-border issuance by Singapore and Chinese corporates of CGT-aligned green financing bonds and loans originated by Singapore and Chinese financial institutions.

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Singapore Exchange and China International Capital Corporation are also collaborating on a Green Corridor to facilitate green financing flows between Singapore and China.

In addition, Metaverse Green Exchange and Beijing Green Exchange are developing a carbon accounting and decarbonisation rating platform.

The platform will aggregate Chinese corporations’ carbon emissions data to support Singapore and Chinese financial institutions in structuring green financing solutions for these corporations.